Mortgage Insurance Premiums

[ledger@centurytel.net]

I need some clarification of whether PMI is deductible. Here's the situation: The Taxbook says: "Qualified mortgage insurance providers include the Veterans Administration, the Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance." What does "AND PRIVATE MORTGAGE INSURANCE" mean exactly? Does this include ANY lending institution that requires PMI, or is PMI only allowed if lenders are Vets Admin, FHA, or RHA? The IRS website has not updated its publication since Congress extended this deduction, and my tax software (Drake) is not including the PMI in the mortgage interest total. My client has mortgage thru Nationstar Mortgage and PMI is listed in Box 8 of the 1098.

[TAXNJ]

Does this....

help?

https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/

[New York Enrolled Agent]

I need some clarification of whether PMI is deductible. Here's the situation: The Taxbook says: "Qualified mortgage insurance providers include the Veterans Administration, the Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance." What does "AND PRIVATE MORTGAGE INSURANCE" mean exactly? Does this include ANY lending institution that requires PMI, or is PMI only allowed if lenders are Vets Admin, FHA, or RHA? The IRS website has not updated its publication since Congress extended this deduction, and my tax software (Drake) is not including the PMI in the mortgage interest total. My client has mortgage thru Nationstar Mortgage and PMI is listed in Box 8 of the 1098.

Drake properly has PMI on line 13 of Schedule A.

[BP.]

Over the income limit to qualify?